Bitcoin Has Updated Its Historical Maximum

Technical indicators:
  • Market Cap, billion: $ 109.12
  • % chg. over the week: +4.80
  • % chg. over the year +810.99
  • 52 wk range: 699 - 6592.8

CME Group, the operator of the futures exchanges, intends to enter trading futures for Bitcoin. This fact once again proves that the cryptocurrency is increasingly spreading in the traditional financial markets. Bitcoin set a new historic high, exceeding the $6500 mark.

The current technical pattern on BTC/USD
  • Support levels: 6220.0, 6000.0, 5600.0
  • Resistance levels: 6580.0
BTC/USD

At BTC/USD the bullish sentiment still prevails. Over the last week, the growth of quotations exceeded 4.5%. The trading tool has updated local extremes. BTC/USD found resistance at the level of 6580.0. The mark 6220.0 is already a "mirror" support. The BTC/USD quotes have the potential for further growth.

The price has fixed above 50 MA and 200 MA, which indicates the power of buyers.

The MACD histogram has begun to decline. In the near future, we do not rule out a technical correction.

Trading recommendations

We recommend opening positions in the direction of the current trend. If the price fixes above the local resistance of 6580.0, you should look for entry points to the market to open long positions.

Conservative traders need to wait for a correction to 6220.0-6340.0. If the BTC/USD quotes reach this zone, we recommend considering purchases as well. The closest target for fixing profits will be the resistance level of 6580.0.

When tracking positions, it is better to use a trailing stop.

by JustForex, 2017.11.02

This article reflects a personal opinion and should not be interpreted as an investment advice, and/or offer, and/or a persistent request for carrying out financial transactions, and/or a guarantee, and/or a forecast of future events.